FIRST TRADE: Indices open mildly higher; Nifty at 24,465, Sensex adds 111 points

Indian equities tracking mixed global cues opened mildly higher, snapping a three-day losing streak. At the open, Nifty was up 0.12 per cent or 29.8 points at 24,465.3, while the BSE Sensex gained 0.14 per cent ot 111.36 points to 80,193.34.

Broader markets, however, after a day's breather again witnessed selling pressure, with Nifty Midcap 100 down 0.25 per cent. Bank Nifty, led by gains in counters like HDFC Bank, AU Bank and IDFC First Bank, traded higher.

Sectorally, FMCG and metal stocks led the decline with over 1 per cent cut on the indices, while all other indices traded with gains. 

Prashanth Tapse, Senior VP (Research), Mehta Equities said, “The optimism in our markets has stalled after a rough trading session, much like a kite snagged on a branch. The Nifty has ended in the red for three consecutive days, dropping 7% from its recent high, with immediate downside risks at 24,350 and aggressive targets at 23,353."

Several factors are keeping bullish sentiments in check: disappointing Q2 earnings from corporate India, continued selling by FIIs (with Rs 92,143 crore withdrawn in October), concerns over the pace of US interest rate cuts, election uncertainties tied to a possible Trump victory, and rising US bond yields, he added.

Stocks in action

Paytm: Extending the previous day's gains, shares of Paytm were up over 1 per cent at Rs 752.85 after Citi upgraded the stock to a 'buy'.

ITC: Shares of the conglomerate traded with a negative bias-down by 0.5 per cent at Rs 478.2 per share ahead of its results later today.

TVS Motor: Shares of the 2-wheeler major in a choppy trade was down over 2 per cent at Rs 2,504.35 despite posting healthy September quarter results.

Asian markets

The MSCI Asia ex-Japan index traded mildly lower by 0.2 per cent. Meanwhile, Asian markets traded on a mixed note, with Hang Seng trading with a cut of 0.6 per cent, while Nikkei and Straits Times were trading higher by up to 0.7 per cent.